Revenues up 20% in 2022

The growth trend remains in the first quarter of 2023: revenues of €153 million, up 31% compared to the first quarter of 2022

Montecchio Maggiore (VI), Italy - 6 June 2023 

The shareholders' meeting of F.I.S. - Fabbrica Italiana Sintetici S.p.A., a leader in Italy and one of the main players in Europe in the production of active ingredients for the pharmaceutical industry, has approved its 2022 financial statements. The company continued its growth, confirming the forecasts of its Industrial Plan. 

This result was achieved in an environment impacted by the conflict in Ukraine, the energy crisis, inflation, and the critical continuing post-pandemic situation.In July, the company applied for funding from InvItalia S.p.A. under "PNRR Investment 5.2 Competitiveness and Production Chains" for a project that involves part of the investments already contained in the Strategic Plan. In December, InvItalia announced the start of the preliminary investigation, which is still in progress, to verify that the pre-requisite conditions are met to be eligible for application. F.I.S. further strengthened its commitment to ESG matters with the issue of a Sustainability Linked Bond, which was a great success also amongst international investors. It also represents an important recognition of the work carried out by the company in its more than 60 years of activity.

Figures for 2022 show:

• Consolidated revenues of €672.5 million, an increase of 19.6% compared to €562.1 million recorded in 2021. 67% of revenues were from Europe (of which 11% were in Italy), while 18% were in North America, 14% in Asia, and 1% in South America;

• sales of custom products grew by 20%, and sales of generic products increased by 25%;

• adjusted EBITDA totalled €105 million, up 19.6% compared to €87.8 million in 2021;• the closing net financial position totalled €333.8 million, reflecting the issuance of the high-yield sustainability-linked bond of 10 February 2022;

• investments in 2022 amounted to €55.6 million, up 13.7% from €48.9 million in 2021. F.I.S. continued its growth in the first quarter of 2023. Revenues amounted to approximately €153 million, an increase of 30.7% compared to the same period last year. 

The company also further strengthened its capital expenditure plan during this period, which amounted to €14.4 million, up 103% from €7.1 million in Q1 2022. The number of employees increased to 2072 after new hires were made in the first three months of the year.

Michele Gavino, Managing Director of F.I.S. – Fabbrica Italiana Sintetici S.p.A., said, “Despite the continuation of highly unstable geopolitical situations and critical issues related to the energy crisis, the positive results achieved during 2022 and confirmed in the first quarter of 2023 show a positive trend in organic growth as outlined in our strategic plan, and allow us to face the coming years with a healthy dose of optimism.These results were also achieved with the commitment of the entire team, the reorganisation of the commercial area and other corporate functions, and investments in innovation made pursuant to the strategic plan approved in 2021. Over the past year, we have also further strengthened our positioning in both European and North American markets while continuing in others, including emerging markets. Starting this year, we will also be even more present in the veterinary market thanks to a series of dedicated investments that will allow us strong segment growth.If we analyse the previous four years, F.I.S. has seen double the growth in CAGR than that of the CDMO sector average: this speaks to how management and the entire organisation are tackling this historic moment through the various lines in the strategic plan, by increasing production capacity, safety, quality, sustainability and digitalisation."
Manuel Barreca, Chief Financial Officer of F.I.S. – Fabbrica Italiana Sintetici S.p.A., added, "The economic and financial results achieved in 2022 testify to the resilience and solidity of the company. This year was yet another characterised by macroeconomic turbulence, during which, even with the easing of pandemic-related restrictions, costs and business continuity of many production activities were severely tested by the consequences of the conflict in Ukraine.In relation to a top line growth of 19%, reported EBITDA showed an increase of approximately 16%, while adjusted EBITDA increased by nearly 19%. This result was also achieved thanks to the company's ability to transfer a significant portion of higher costs abroad. The February issuance of a high-yield sustainability-linked bond also allowed us to focus our financial resources on sustainable business growth, which continues into the first quarter of 2023; key economic and financial KPIs continue to improve compared to the first quarter of 2022."